Your investment of 1234 grew to 129323 in nine months What i

Your investment of $1234 grew to $1293.23 in nine months. What is the simple interest rate?

Solution

$1234 grew to $1293.23 in nine months

Interest in nine months = $1293.23 - 1234 = $59.23

Simple interest : SI = (Principal x Rate x time)/100

59.23 = 1234*r*9/( 12*100)

Solving for r = 6.4 % p.a.